As part of its intentions to introduce a digital wallet that would enable users to make fast payments on the platform, social media site X has announced a partnership with Visa.

Visa was the first partner for X Money, which will launch with an X Wallet later this year, according to a post made by X CEO Linda Yaccarino on the site.

Users will be able to make peer-to-peer payments and move money to and from their bank accounts by connecting their digital wallet to their bank account and debit card.

The move will be X’s first into financial services, and feeds into a long-term aim of the site’s owner, Elon Musk, who has spoken repeatedly of his desire to create an “everything app”, where users are able to access social media, entertainment, online shopping, communications and other services without having to leave that single app.

In a post to X on the announcement, Ms Yaccarino referred to it as “another milestone for the Everything App”, adding that the X Money account would “debut later this year”.

“First of many big announcements about X Money this year,” she said.

According to reports in the US, X Money is expected to launch in the first quarter of this year, and will initially be used to allow creators on the platform to store their funds from posting and accept payments from subscribers without needing to use third parties.